Kraken, the world's third largest crypto exchange, proposes to lay off 1,100 employees, or 30% of its workforce

Kraken, the world's third-largest crypto exchange, said on Wednesday that it is proposing to lay off 1,100 employees, or 30 percent of its workforce, citing "the need to adapt to current market conditions.

Kraken said in a release that customer registrations and trading volumes have plummeted due to geopolitical and macroeconomic influences.

Kraken CEO Jesse Powell said he remains bullish about the future of cryptocurrencies and Kraken.

This comes as the cryptocurrency industry has kicked off a wave of layoffs. Digital currency group Barry Silbert has already laid off about 13% of its staff in November, Crypto.com laid off 2,000 employees in October, and Coinbase also made layoffs in June and November.